The passion of starting a business is not only in the minds of the young and energetic people alone. Those in the midlife ages of the 40s and 50s are also eligible to start a business to continue having a bright aging future. Ironically those
There are many factors to consider while starting any business. The main one being the availability of finances and how to manage the business. But the confidence to take the risk and start the venture is perhaps the biggest challenge. Before you begin a company, try match your interests with their available opportunity. There are some business ideas for the 40s at low risk. Let’s look at them below.
1. Consulting
When searching for a business idea, start with what you already know. It will help you lay a foundation to your entrepreneurial career. With the depth of knowledge, you have acquired by the time you reach the 40s you can use it to advise clients and become a consultant. Knowing a specific area will help you start an enterprise that offers training and consulting services to other businesses in the industry according to David Finke of south mills this is a low-risk business that can yield great in return.
It is essential to stop listening to your inner critic that perhaps tells you-you cannot make it because you are not an expert in consulting. The challenge is when you think you cannot do it unless you are an expert. All that you require is to be good enough to assist people to achieve their desired dreams.
Whether you are in the field of economics, marketing, website design, sale, IT, teaching consulting is such an easy business to venture because you can start it from your home. It requires pretty much no startup and running cost. At your 40s you can even start your business on a start and continue with your full-time job until you receive income that is equal to your salary. Having some industry contacts or your area who could be potential clients makes it easier for you to start the business. With little initial cost consulting make you a great entrepreneur. It is a noble idea to those In midlife of the 40s to 50s.
2. Drop-shipping store
A drop shipping kind of a business model is where a third party seller stores and ships inventory to customers on your behave. The only thing you need is to make a sale, but you don’t need to handle the products yourself. Although it is perceived the oldest form of business, it will get you real money at your 40s. You will buy the product at a low cost and sell it at a profit, and the supplier you are buying it from is the one responsible for getting it to the customer.
The entrepreneur can curate multiple products from different suppliers to your dropshipping store under a theme that focuses on a specific type of the product. The customer will then buy from you, and you will place the order with suppliers who fulfill it on your behave. Despite this service, you are responsible for your customer service.
Some suppliers are willing to partner with you locally and overseas as long as you can establish and develop a trust with them. It is essential to be cautious of unreliable suppliers as they reflect poorly on your brand. Since many of the products are commodities, your business will be competing with other ventures in the market thus there is a need for efficient marketing and quality customer services. To have a yielding return, you need to sell your product better than the competitors.
Drop shipping is a low-risk investment and suitable for those in their 40s. It is a test for the business before you invest in your original products. Always start by ordering a product for yourself to ensure that the supplier is reliable and the product is fit to sell to your customer. It will help you identify reliable suppliers to build trust. Starting drop shipping business is simple. You don’t need to deliver the product to your customers but spreading the word about the products to your customers.
3. Services to seniors
These include services that are geared towards people in late ages of the 70s and 80s and can be undertaken by people in their 40s. There are various services that one can offer to the aged and get some little cash. For instance, patient advocacy services to the seniors are more common services provided. They need assistance with health care related issues that include tackling billing mistakes and helping them get insurance covers. In their settings there is a need for home modification professionals, have personal financial planners and fitness trainers to keep them healthy.
People are living longer and need help during their late age. Those around age 40 are the best in performing these duties as they due to their experience. The seniors become your client to provide product and services. Just like Seth Godin said, “ you find products for your customers, but you don’t find customers for your product.”
It is a vast business opportunity just for you. The seniors are potential customers with need, and you need a product or service to offer. Developing a senior home care business would be a [perfect way to serve your clients. It will bring them together and ease in service provision. The home will also facilitate pooling of resources to provide efficient services to your senior. Entrepreneurs in midlife ages are most eligible to utilize this opportunity, and by knowing the client’s needs, you will be able to provide the services they desire.
4. Start a charitable business
Starting a charitable business is yet another noble low-risk idea that will keep those in their 40s become entrepreneurs. It will help the entrepreneur cater to the issues they care most. You start by setting some profit aside which give the social entrepreneurs a chance to start the business.
Many social business ventures offer their original and unique products, but you can partner with other non-profit making enterprises to sell their product too. You can also execute the social goods with your own hands. These will call for knowledge an skills of how the business works. Marketing is a paramount activity in this job. You can also share the reviews from your customers to support your business. These will include the blog posts covering your work in the community and its impact.
Those in their midlife of the 40s have an opportunity in this type of business. There is a various application that helps you partner with other charitable organizations and incorporate your, mission to the store. Such an app include give and Shopify. Financing the business is a challenge, but you don’t need to worry since its a low-risk venture. You can donate a cut of your savings or a percentage of sales or even ask your customers to add a donation to your business. These will keep your business grow and provide social services to the community with ease.
5. Sell a service
These businesses are providing services instead that products to their clients have the best chances of success. It is a low-risk business for over and those in the 40s since it uses time as its primary resource. Service-based business such as dog walking and lawn care are the common types. They focus on local community and not in national or international thus attracting less completion.
With this kind of business, time is your inventory and your most significant investment. There are limited hours in the day and utilization of your time will get your big reward. It helps you get running if you’ve got skills that are in demand.
Research before you start in any business. It will help you understand the market trends of that service. Just like Susan Ward once said, “when you are starting a business you need to become an expert of the product, industry or services if you’re not an expert yet.” There are various categories of these services that include but not limited to: designers, photographers, house cleaners fitness trainers, financial guider sand much more.
The entrepreneur can have multiple services to provide to increase his or her revenue base. For instance, a 40s photographer can service an event locally while selling prints online through online platforms such as Instagram. Coupling your services with tangible products will increase your income and isn’t directly tied to your time. The business takes a very low risk and viable to those in midlife.
Conclusion
Are you in midlife of the 40s and you want to start a business venture at very low risk? There are many models and ideas to help those in their 40s to get additional income or full-time income from the start of a business. There are various business ideas both for services and products provided. Serving your senior will help them stay healthy and creating a home for them will earn you a living even at your 40s. There is a business that does not need financial material such as those in service provision and consulting and only requires the devotion of their time. The joy of every entrepreneur is to see the business grow and client prosper. As a consultant, you will be happy to watch your clients realize their desired goals. The above arguments provide viable ideas to those in their 40s to earn a living through entrepreneurship.
